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Senators Elizabeth Warren and Angus King introduced legislation that would capture taxes from more than 1,000 big U.S. companies that report high profits but may have little taxable income, ensnaring a much larger group than President Joe Biden has proposed, though at a lower rate.

Warren, a Massachusetts Democrat, and King, a Maine independent who caucuses with Democrats, proposed a 7 percent tax on book profits for corporations with earnings of $100 million or more. The pair hopes to include the new tax in a multi-trillion–dollar reconciliation package that includes much of Biden’s economic agenda, and that Democrats hope to advance later this year.

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